USOIL. How could the outcome of the US elections impact prices?

Fundamental analysis
USOIL fell below $72 a barrel after the disappointing Chinese stimulus announcements. China unveiled a plan to refinance local government debt and other measures to support a slowing economy that faces new risks from the reelection of Trump. The new administration may be bearish for crude prices on higher domestic production and tariffs that will weigh on the Chinese economy.
Markets await clarity on exactly what President Trump will do in his next term, but there’s also uncertainty around the outlook for next year, with OPEC+ delaying the group’s planned output hikes that were due to take place next month and the International Energy Agency forecasting oversupply next year.

Technical analysis
Prices tested the level around the 50% Fibonacci, at approximately $72.60, as a resistance.
The trend has a bearish bias, although in the short term, it is expected that they will continue sideways in a consolidation range, pending a definition of the trend.
Meanwhile, the RSI is showing a bearish divergence that, along with the testing of the 50% Fibo level, could anticipate a rebound to the downside in the short term.
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